Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: 2. Summary of Significant Accounting Policies(a) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement.(b) Franklin Foundation of Sunbury Park, Inc. has elected not to use the 10 percent de minimisindirect cost rate as allowed under the Uniform Guidance.(c) The outstanding balance of loan and loan guarantee program at December 31, 2022 withcontinuing compliance requirements which are reported as federal expenditures on theaccompanying schedule of expenditures of federal awards was $1,455,100.(d) The Section 202 Capital Advance is reported as net assets with donor restrictions atDecember 31, 2022 and totaled $1,455,100.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
SUPPORTIVE HOUSING FOR THE ELDERLY (14.157) - Balances outstanding at the end of the audit period were 1455100.